Lindian Resources Limited published an Exploration Target for the Kangankunde Rare Earths Project which, together with the recently published Mineral Resource Estimate ('MRE'), clearly establishes Kangankunde as one of the world's largest rare earths projects, underpinned by excellent grade, uniquely non-radioactive material and a high percentage of rare earth elements that are key to the clean energy transition. The Exploration Target for the Kangankunde Rare Earths Project Central Carbonatite is between 400 million tonnes (lower range) to 800 million tonnes (upper range) grading between 2.0% and 2.7% TREO. Lindian completed two deep core drill holes beneath the MRE to test the potential for additional extensions to mineralisation.

Exploration Target has been determined for the Central Carbonatite of the Kangankunde rare earths project in addition to the current Mineral Resource Estimate (MRE) [1]. The Exploration Target has been considered following the successful Phase 2 deep drilling program that showed the continuity of high-grade rare-earth mineralisation up to 800 metres beneath the limits of the MRE. The significant intercepts reported in these depth extension holes were: 853.6 metres at 2.73% TREO from 52 metres in KGKRCDD074[2] and, 1,000 metres at 2.60% TREO, including, 805.26 metres at 2.90% TREO from 152.85 metres in KGKDD009 The potential quantity and grade of the Exploration Target is conceptual in nature and therefore is an approximation.

There has been insufficient exploration to estimate a Mineral Resource in the area considered an exploration target and it is uncertain if further exploration will result in the estimation of a Mineral Resource. The Exploration Target has been prepared and reported in accordance with the 2012 edition of the JORC Code. The Exploration Target is based on the current geological understanding of the mineralisation geometry supported by more than 17,000 metres of drilling, resource estimation modelling and surface mapping but does not consider factors related to geological complexity, possible mining method or metallurgical recovery factors.

 This estimate provides an assessment of the potential scale of the Kangankunde project mineralisation beyond the existing MRE and the work programs needed to convert this estimate to a resource in the future. The reported Kangankunde Central Exploration Target is defined by: The resource model for Kangankunde Central which is based on three-dimensional geological domains defined by drilling and surface mapping. The reported resource from this model was limited by data density to an inferred classification with the depth limit ranging from 200 metres (800mRL to the 600mRL) to 400 metres (750mRL to 350mRL) below surface.

Beneath the inferred resource limit mineralisation has been identified by drill holes KGKRCDD074 and KGKDD009 to extend to -200mRL, 600 to 800 metres below current MRE limit. In addition to depth extension, the margins of the mineralisation have not been fully tested with surrounding wall rock/carbonatite breccias shown to be mineralised where drilled. To date drilling has not tested fully the lateral extents of this mineralisation.

The Exploration Target lower tonnage range of 400 million tonnes assumes a depth limitation to the 200m RL. This material was included in the assessment of the existing resource model estimation but has insufficient drilling data to be classified according to JORC guidelines. The Exploration Target upper tonnage range projects the mineralisation below the current model limit from the 200mRL to the -200mRL, a further 400 vertical metres beyond the Exploration Target lower tonnage range depth limit.

This depth extent is supported by drill holes KGKRCDD074 and KGKDD009 that both contained consistent rare earths mineralisation to this depth. This upper range tonnage assumes the tonnes of the lower 400 metres of the existing resource model (600mRL to 200mRL) will be replicated from 200mRL to -200mRL. The Exploration Target lower grade range is based on a 10% reduction of the MRE grade to account for the halo of surrounding lower grade mineralisation, while the upper grade range is based on an approximation of the higher-grade contiguous carbonatite grades assayed from KGKDDRC74 and KGKDD009 at depth.

  Other potential areas for exploration at North Knoll and South Knoll have not been included at this stage and are the subject of a mapping and sampling program to be completed by December 2023. The Central Carbonatite exploration target will be evaluated by drill programs aimed at creating a reportable resource. This work is anticipated to be conducted on a staged basis in conjunction with mine development over future years and consistent with staged operation expansion planning.

The Phase 3 infill drilling program is nearing completion. The aim of the program was to increase data density and subsequently resource estimation confidence in mineralisation to be included in the Project Feasibility Study.